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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from        to

Commission file number   0-23406

Southern Missouri Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

    

 

Missouri

43-1665523

(State or jurisdiction of incorporation)

(IRS employer id. no.)

 

 

2991 Oak Grove Road Poplar Bluff, MO

63901

(Address of principal executive offices)

(Zip code)

(573) 778-1800

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

SMBC

NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12 b-2 of the Exchange Act)

Yes

No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

Class

    

Outstanding at May 9, 2022

Common Stock, Par Value $.01

9,308,373 shares

SOUTHERN MISSOURI BANCORP, INC.

FORM 10-Q

INDEX

PART I.

    

Financial Information

    

PAGE NO.

Item 1.

Condensed Consolidated Financial Statements

3

-   Condensed Consolidated Balance Sheets

3

-   Condensed Consolidated Statements of Income

4

-   Condensed Consolidated Statements of Comprehensive Income

5

-   Condensed Consolidated Statements of Stockholders’ Equity

6

-   Condensed Consolidated Statements of Cash Flows

7

-   Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

42

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

62

Item 4.

Controls and Procedures

65

PART II.

OTHER INFORMATION

66

Item 1.

Legal Proceedings

66

Item 1a.

Risk Factors

66

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 3.

Defaults upon Senior Securities

66

Item 4.

Mine Safety Disclosures

66

Item 5.

Other Information

66

Item 6.

Exhibits

67

-  Signature Page

69

PART I: Item 1:  Condensed Consolidated Financial Statements

SOUTHERN MISSOURI BANCORP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2022 AND JUNE 30, 2021

    

March 31, 2022

    

June 30, 2021

    

(dollars in thousands)

 

(unaudited)

Assets

Cash and cash equivalents

$

248,584

$

123,592

Interest-bearing time deposits

 

4,828

 

979

Available for sale securities

 

226,391

 

207,020

Stock in FHLB of Des Moines

 

6,081

 

5,873

Stock in Federal Reserve Bank of St. Louis

 

5,035

 

5,031

Loans receivable, net of ACL of $33,641 and $33,222 at March 31, 2022 and June 30, 2021, respectively

 

2,579,106

 

2,200,244

Accrued interest receivable

 

10,409

 

10,079

Premises and equipment, net

 

72,253

 

64,077

Bank owned life insurance – cash surrender value

 

48,387

 

43,817

Goodwill

 

27,738

 

14,089

Other intangible assets, net

 

7,830

 

7,129

Prepaid expenses and other assets

 

27,376

 

18,600

Total assets

$

3,264,018

$

2,700,530

Liabilities and Stockholders' Equity

 

  

 

  

Deposits

$

2,854,906

$

2,330,803

Advances from FHLB

 

42,941

 

57,529

Accounts payable and other liabilities

 

17,102

 

12,753

Accrued interest payable

 

869

 

779

Subordinated debt

 

23,043

 

15,243

Total liabilities

 

2,938,861

 

2,417,107

Commitments and contingencies

Common stock, $.01 par value; 25,000,000 shares authorized; 9,815,736 and 9,361,629 shares issued at March 31, 2022 and June 30, 2021, respectively

 

98

 

94

Additional paid-in capital

 

119,115

 

95,585

Retained earnings

 

228,885

 

200,140

Treasury stock of 483,038 and 456,431 shares at March 31, 2022 and June 30, 2021, respectively, at cost

 

(16,452)

 

(15,278)

Accumulated other comprehensive income (loss)

 

(6,489)

 

2,882

Total stockholders' equity

 

325,157

 

283,423

Total liabilities and stockholders' equity

$

3,264,018

$

2,700,530

See Notes to Condensed Consolidated Financial Statements

-3-

SOUTHERN MISSOURI BANCORP, INC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2022 AND 2021 (Unaudited)

Three months ended

 

Nine months ended

 

March 31, 

March 31, 

(dollars in thousands except per share data)

    

2022

    

2021

    

2022

    

2021

    

INTEREST INCOME:

Loans

$

27,060

$

26,005

$

81,614

$

78,737

Investment securities

 

524

 

559

1,608

1,568

Mortgage-backed securities

 

646

 

466

1,833

1,479

Other interest-earning assets

 

109

 

70

239

159

Total interest income

 

28,339

 

27,100

85,294

81,943

INTEREST EXPENSE:

Deposits

 

2,871

 

3,494

8,426

11,748

Advances from FHLB

 

167

 

325

613

1,052

Subordinated debt

 

187

 

132

447

403

Total interest expense

 

3,225

 

3,951

9,486

13,203

NET INTEREST INCOME

 

25,114

 

23,149

75,808

68,740

PROVISION (BENEFIT) FOR CREDIT LOSSES

 

1,552

 

(409)

1,247

1,591

NET INTEREST INCOME AFTER PROVISION (BENEFIT) FOR CREDIT LOSSES

 

23,562

 

23,558

74,561

67,149

NONINTEREST INCOME:

 

  

 

  

  

Deposit account charges and related fees

 

1,560

 

1,275

4,743

3,974

Bank card interchange income

 

1,025

 

1,004

2,952

2,670

Loan late charges

 

135

 

118

414

398

Loan servicing fees

 

170

 

217

504

895

Other loan fees

 

606

 

266

1,556

898

Net realized gains on sale of loans

 

204

 

853

934

3,449

Net realized gains on sale of AFS securities

 

 

90

90

Earnings on bank owned life insurance

 

291

 

270

854

1,524

Other income

 

913

 

431

2,746

1,287

Total noninterest income

 

4,904

 

4,524

14,703

15,185

NONINTEREST EXPENSE:

 

  

 

  

  

Compensation and benefits

 

9,223

 

7,739

25,745

23,004

Occupancy and equipment, net

 

2,399

 

1,990

6,710

5,826

Data processing expense

 

1,935

 

1,253

4,501

3,490

Telecommunications expense

 

308

 

317

946

940

Deposit insurance premiums

 

178

 

174

536

593

Legal and professional fees

 

341

 

256

931

690

Advertising

 

312

 

240

917

689

Postage and office supplies

 

202

 

198

582

585

Intangible amortization

 

363

 

338

1,040

1,057

Foreclosed property expenses/losses

 

115

 

48

449

137

Other operating expense

 

1,381

 

975

3,692

2,836

Total noninterest expense

 

16,757

 

13,528

46,049

39,847

INCOME BEFORE INCOME TAXES

 

11,709

 

14,554

43,215

42,487

INCOME TAXES

 

2,358

 

3,096

9,133

8,996

NET INCOME

$

9,351

$

11,458

$

34,082

$

33,491

Basic earnings per share

$

1.03

$

1.27

$

3.81

$

3.69

Diluted earnings per share

$

1.03

$

1.27

$

3.80

$

3.69

Dividends paid

$

0.20

$

0.16

$

0.60

$

0.46

See Notes to Condensed Consolidated Financial Statements

-4-

SOUTHERN MISSOURI BANCORP, INC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2022 AND 2021 (Unaudited)

Three months ended

 

Nine months ended

 

March 31, 

March 31, 

(dollars in thousands)

    

2022

    

2021

2022

    

2021

    

Net income

$

9,351

$

11,458

$

34,082

$

33,491

Other comprehensive loss:

 

  

 

  

Unrealized losses on securities available-for-sale

 

(9,579)

 

(2,227)

(12,014)

(2,541)

Less: reclassification adjustment for realized gains included in net income

90

90

Tax benefit

 

2,108

 

511

2,643

579

Total other comprehensive loss

 

(7,471)

 

(1,806)

(9,371)

(2,052)

Comprehensive income

$

1,880

$

9,652

$

24,711

$

31,439

See Notes to Condensed Consolidated Financial Statements

-5-

SOUTHERN MISSOURI BANCORP, INC

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2022 AND 2021 (Unaudited)

For the three- and nine- month period ended March 31, 2022

 

 

Additional

 

Accumulated Other

Total

 

Common

 

Paid-In

 

Retained

 

Treasury

 

Comprehensive

 

Stockholders'

(dollars in thousands)

    

Stock

    

Capital

    

Earnings

    

Stock

    

Income (Loss)

    

Equity

BALANCE AS OF DECEMBER 31, 2021

$

94

$

95,675

$

221,312

$

(16,452)

$

982

$

301,611

Net Income

9,351

9,351

Change in unrealized loss on available for sale securities

(7,471)

(7,471)

Dividends paid on common stock ($.20 per share)

(1,778)

(1,778)

Stock option expense

44

44

Stock grant expense

515

515

Common stock issued

4

22,881

22,885

BALANCE AS OF MARCH 31, 2022

$

98

$

119,115

$

228,885

$

(16,452)

$

(6,489)

$

325,157

BALANCE AS OF JUNE 30, 2021

$

94

$

95,585

$

200,140

$

(15,278)

$

2,882

$

283,423

Net Income

 

 

 

34,082

 

 

 

34,082

Change in unrealized loss on available for sale securities

 

 

 

 

 

(9,371)

 

(9,371)

Dividends paid on common stock ($.60 per share)

 

 

 

(5,337)

 

 

 

(5,337)

Stock option expense

117

117

Stock grant expense

532

532

Common stock issued

4

22,881

22,885

Treasury stock purchased

(1,174)

(1,174)

BALANCE AS OF MARCH 31, 2022

$

98

$

119,115

$

228,885

$

(16,452)

$

(6,489)

$

325,157

For the three- and nine- month period ended March 31, 2021

 

 

Additional

 

Accumulated Other

Total

 

Common

 

Paid-In

 

Retained

 

Treasury

 

Comprehensive

 

Stockholders'

(dollars in thousands)

    

Stock

    

Capital

    

Earnings

    

Stock

    

Income

    

Equity

BALANCE AS OF DECEMBER 31, 2020

$

93

$

95,109

$

177,861

$

(9,575)

$

4,201

$

267,689

Net Income

11,458

11,458

Change in unrealized loss on available for sale securities

(1,806)

(1,806)

Dividends paid on common stock ($.16 per share)

(1,441)

(1,441)

Stock option expense

440

440

Stock grant expense

Common stock issued

1

1

Treasury stock purchased

 

 

 

  

 

(3,402)

 

  

 

(3,402)

BALANCE AS OF MARCH 31, 2021

$

94

$

95,549

$

187,878

$

(12,977)

$

2,395

$

272,939

BALANCE AS OF JUNE 30, 2020

$

93

$

95,035

$

165,709

$

(6,937)

$

4,447

$

258,347

Impact of ASU 2016-13 adoption

(7,151)

(7,151)

Net Income

 

 

33,491

33,491

Change in unrealized loss on available for sale securities

 

 

 

  

 

  

 

(2,052)

 

(2,052)

Dividends paid on common stock ($.46 per share)

 

 

 

(4,171)

 

  

 

  

 

(4,171)

Stock option expense

 

 

514

 

  

 

  

 

  

 

514

Stock grant expense

 

 

 

  

 

  

 

  

 

Common stock issued

1

1

Treasury stock purchased

 

 

 

  

 

(6,040)

 

  

 

(6,040)

BALANCE AS OF MARCH 31, 2021

$

94

$

95,549

$

187,878

$

(12,977)

$

2,395

$

272,939

See Notes to Condensed Consolidated Financial Statements

-6-

SOUTHERN MISSOURI BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE- MONTH PERIODS ENDED MARCH 31, 2022 AND 2021 (Unaudited)